What Does The January Mutual Fund Data Tell Us About Investors Move into Gold and Silver?
- 10th February 2026
- 03:00 PM
- 3 min read
Summary
Investor behaviour changed noticeably in January 2026. For the first time, money flowing into gold and silver ETFs exceeded investments into equity funds, pointing to a growing preference for precious metals amid market stress and global uncertainty.Mumbai | February 10, 2026
Investor allocation patterns have shifted notably in January, with gold and silver exchange-traded funds attracting the bulk of fresh mutual fund inflows.
Data released by the Association of Mutual Funds in India clearly showed that gold and silver ETFs together attracted inflows of ₹33,503 crore during the month, surpassing net equity fund inflows of ₹24,029 crore.
This was the first time investors put more money into precious metal ETFs than equity funds in a month.
Gold ETFs see sharp month-on-month jump
Gold ETFs led the surge, attracting the inflows of ₹24,050 crore in January, almost double the ₹11,647 crore seen in December. The sharp jump highlights rising investor appetite for gold-backed products at a time when equity market momentum remained choppy and volatile.
Silver ETFs also saw steady buying, with inflows of ₹9,463 crore during the month. Together, gold and silver ETFs accounted for one of the strongest monthly inflow figures ever recorded for precious metal ETFs in India.
Assets under management for gold ETFs stood at ₹1.81 lakh crore at the end of January, while silver ETF AUM rose to ₹1.14 lakh crore, suggesting investor interest is extending beyond short-term trades.
Equity flows moderate for second straight month
The jump in precious metal inflows coincided with a slowdown in equity mutual fund investments. January marked the second consecutive month of softer equity flows, after the net inflows of ₹28,055 crore in December.
In contrast, combined gold and silver ETF inflows stood at ₹15,609 crore in December, before more than doubling in January. The shift suggests investors are increasingly using precious metals to diversify and protect against market volatility.
Despite the shift toward gold and silver, monthly systematic investment plan (SIP) contributions stayed steady at ₹31,002 crore, indicating that long-term retail participation in equities remain intact even as portfolios are rebalanced.
January vs December: Mutual fund inflows
| Category | January 2026 Inflows (cr) |
December 2025 Inflows (cr) |
| Gold ETFs | 24,050 | 11,647 |
| Silver ETFs | 9,463 | 3,962 |
| Gold + Silver ETFs (Total) | 33,503 | 15,609 |
| Equity Mutual Funds | 24,029 | 28,055 |
What’s driving the move toward precious metals?
Analysts attributed the surge in gold and silver ETF inflows to a combination of favourable currency movements, heightened geopolitical and trade-related risks, and expectations of lower global interest rates. Gold prices touching repeated record highs further supported investor interest, even as global equity markets hovered near historic levels.
What the data indicates
January’s mutual fund data suggests investors are becoming more selective rather than outright risk averse. Gold and silver ETFs are increasingly being used to balance portfolios amid uncertain market conditions.
So far, this financial year, gold ETFs alone have attracted nearly ₹61,000 crore in inflows, reinforcing the view that precious metals are increasingly being used as a structural hedge alongside equities. With SIP flows holding firm, the data points to portfolio reallocation, not an exit from equity markets.
With inputs from moneycontrol.
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